Libya’s May Oil Revenue at US$ 2.3bn – up 24 percent

Libya’s National Oil Corporation (NOC) reported today that it recorded an income of US$ 2.3 billion from sales of crude oil and derived products, in addition to taxes and royalties received from concession contracts for the month of May.

The figure represents a monthly increase of approximately US$ 448 million (+24%).

The NOC said that the revenue figures were bolstered by sustained global oil prices, in addition to a busy crude loading schedule at the end of April resulting in cargo receipts both arriving and clearing in May’s revenue statement.

The NOC chairman, Mustafa Sanalla, said “These figures showcase the importance of a unified oil sector and its contribution to the economy. Our focus on crude production, despite ongoing security challenges, continues to bring success with over 725 million USD having been spent on exploration and drilling since 2018.

Oil revenues are the lifeblood of the Libyan economy. Any forced interruption of our work will undoubtedly impact our ability to maintain production and finance essential basic services.

Despite repeated warnings, corporation facilities and operations are being directly targeted by conflict. NOC condemns all attempts to militarise national energy infrastructure.”

The NOC also added that it rejects all attempts to portray the corporation as a party to the conflict. It said that national oil revenues are disclosed and transferred to the Libyan Central Bank on a monthly basis and that it is proud to work for all Libyans and serve as a benchmark for transparency amongst Libyan institutions.

Valuable piece analysing the challenges facing #Libya following recent military and political developments: "Western states should focus on preserving Libya’s unity and countering Russian influence as a matter of priority." https://twitter.com/W_Lacher/status/1268229321686167552

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